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Ka-ching! Retail Continues Its Streak

NEW YORK CITY-A new report outlines many reasons the sector is doing well, and why it shows no signs of slowing down.

By Rayna Katz | Updated on May 16, 2013

NEW YORK CITY-New York City’s retail resurgence of the past few years is likely to continue, according to Eastern Consolidated‘s just released bi-annual report, “The Retail Pulse.” More and more owners are putting their retail assets on the market, the report states, enjoying record pricing as a result of heightened demand. Other indicators are also working in the sector’s favor.

The city added 4,700 retail jobs in Q1 2013, the third highest job growth of any industry after health services and social services; the retail and restaurant industries combined added 87,000 jobs, or  nearly half of the total job gains in the city, since 2009; and retail/restaurant employment gains were spread across all five boroughs. Also, tourism remains strong and retail asking rents continue to rise in every neighborhood, the report states.

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